Paul Hastings Successfully Defends Leading Korean Pharmaceutical Company in International Arbitration Dispute
Washington, D.C. (November 3, 2008) Paul, Hastings, Janofsky & Walker LLP, an international law firm, successfully defended Dong-A Pharmaceutical Co. Ltd., a leading Korean pharmaceutical company, in an international arbitration brought by a U.S. biotech venture. The claim, which sought damages in excess of $100 million, was terminated by the Tribunal on October 15, 2008.
The U.S. claimant alleged that Dong-A breached the terms of a patent and technology license agreement that covered an experimental cancer vaccine therapy. In response, Dong-A counterclaimed for termination of the license agreement. In April 2007, the matter was brought before three arbitrators appointed by the International Centre of Dispute Resolution of the American Arbitration Association. On August 25, 2008, the parties entered into an Agreement and Mutual Release, by which the claimant agreed to submit a consent award to the Tribunal terminating the claim. The Tribunal issued the final award on October 15, 2008, terminating the claim against Dong-A with prejudice and declaring the license agreement terminated as well, relieving Dong-A of any further responsibility to the claimant under that agreement.
Washington, D.C. partner Scott Flicker led Paul Hastings team, which included partners George Graff, Hamilton Loeb, Daniel Kim and Jong Han Kim, of counsel Joseph Profaizer, associates Christine Han, Jinhee Kim, and Victoria Ashworth.
About Dong-A Pharmaceutical Co. Ltd.: Dong-A Pharmaceutical stands at the forefront of Korea's pharmaceutical industry. The company is motivated by its respect for life and health to continuously innovate and develop products that enhance people's quality of life.
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